Financial Statements

Statement of Net Position

STATEMENT OF NET POSITION as of June 30, 2015 (amounts expressed in thousands)
University of Florida Component Units



2015



2014

Direct-Support Organizations
Health Science Center Affiliates
Shands Hospital and Others
ASSETS
Current Assets:
Cash and Cash Equivalents (Note 1) $ 2,286 $ 152 $ 17,439 $ 84,182 $ 127,050
Investments (Note 4) 1,247,153 1,161,021 65,638 12,121 394,331
Accounts Receivable, Net (Note 5) 80,001 96,630 112,890 50,306 276,025
Loans and Note Receivable, Net (Note 5) 2,983 2,787 - - -
Due From State (Note 6) 65,305 45,977 - - 3,378
Due From Component Units/University (Note 7) 20,580 25,138 178,949 45,583 105,849
Inventories (Note 8) 4,580 4,690 52 - 28,037
Other Current Assets 2,765 2,130 10,303 2,825 42,139
Total Current Assets 1,425,653 1,338,525 385,271 195,017 976,809
Noncurrent Assets:
Restricted Cash and Cash Equivalents (Note 1) 14 14 23,767 - 21,108
Restricted Investments (Note 4) 95,891 152,510 1,684,613 11,781 663,292
Other Noncurrent Investments (Note 4) 139,276 - - - -
Loans and Notes Receivable, Net (Note 5) 37,993 36,975 - - -
Depreciable Capital Assets, Net (Note 9) 1,554,905 1,568,905 173,026 62,481 799,771
Nondepreciable Capital Assets (Note 9) 241,259 145,860 101,256 3,803 144,669
Other Noncurrent Assets 70 63 53 3,403 127,586
Total Noncurrent Assets 2,069,408 1,904,327 1,982,715 81,468 1,756,426
TOTAL ASSETS 3,495,061 3,242,852 2,367,986 276,485 2,733,235
DEFERRED OUTFLOWS OF RESOURCES
Deferred Outflows of Pension Resources (Note 11) 108,808 - - - 44,136
Accumulated Decrease in Fair Value of Interest Rate Swap Agreements - - - - 48,157
Losses on Debt Refunding - - - - 496
TOTAL DEFERRED OUTFLOWS OF RESOURCES 108,808 - - - 92,789
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $ 3,603,869 $ 3,242,852 $ 2,367,986 $ 276,485 $ 2,826,024
LIABILITIES
Current Liabilities:
Accounts Payable $ 69,001 $ 64,133 $ 25,594 $ 14,940 $ 212,691
Salary and Wages Payable 25,588 24,304 2,458 8,824 73,130
Due to Component Units/University (Note 7) 199,777 46,547 75,416 9,070 101,148
Unearned Revenue (Note 12) 43,316 29,536 54,553 - -
Deposits Held in Custody 11,910 19,055 - 74 -
Other Current Liabilities - 201 4,648 - -
Long-Term Liabilities- Current Portion: (Note 13)
Captial Improvement Debt Payable 8,909 8,605 - - -
Bonds Payable - - 4,180 2,041 27,210
Loans and Notes Payable 528 281 15,130 - -
Installment Purchase Agreements Payable 1,138 1,263 - - -
Capital Leases Payable 146 137 - 154 3,378
Compensated Absenses Payable 11,861 11,658 392 - -
Net Pension Liability 4,709 - - - -
Liabilty for Self-Insured Claims - 9,196 30,108 - 8,393
Total Current Liabilities 376,883 214,916 212,479 35,103 425,950
Noncurrent Liabilities: (Note 13)
Capital Improvement Debt Payable 158,314 172,974 - - -
Bonds Payable - - 76,450 30,995 1,003,343
Loans and Notes Payable 10,664 11,192 5,363 8,000 -
Installment Purchase Agreements Payable 1,921 2,097 - - -
Capital Leases Payable 2,664 2,810 - 185 7,883
Compensated Absences Payable 117,419 114,293 3,121 - -
Other Postemployment Benefits Payable 217,539 180,690 - - 2,798
Net Pension Liability 219,918 - - - -
Liability for Self-Insured Claims - 36,606 - - 31,574
Other Noncurrent Liabilities 18,214 18,482 31,229 - 70,171
Total Noncurrent Liabilities 746,653 539,144 116,163 39,180 1,115,769
TOTAL LIABILITIES 1,123,536 754,060 328,642 74,283 1,541,719
DEFERRED INFLOWS OF RESOURCES
Deferred Inflows of Pension Resources (Note 11) 160,302 - - - 86,139
Gains on Debt Refunding - - - - 10,758
TOTAL DEFERRED INFLOWS OF RESOURCES 160,302 - - - 96,897
TOTAL LIABILITIES AND DEFERRED INFLOWS OF RESOURCES $ 1,283,838 $ 754,060 $ 328,642 $ 74,283 $ 1,638,616
NET POSITION
Net Investment in Capital Assets $ 1,615,971 $ 1,565,313 $ 137,738 $ 24,909 $ 113,322
Restricted:
Nonexpendable:
Endowment - - 1,228,625 - 97
Expendable:
Endowment - - 383,947 - 11,739
Loans 37,424 36,317 - - -
Capital Projects 113,024 79,294 - - -
Debt Service 4,855 4,433 - - -
Other 436,577 654,866 167,062 - 147,754
Unrestricted 112,180 148,569 121,972 177,293 914,496
TOTAL NET POSITION 2,320,031 2,488,792 2,039,344 202,202 1,187,408
TOTAL LIABILITIES AND DEFERRED INFLOWS OF
RESOURCES AND NET POSITION
$ 3,603,869 $ 3,242,852 $ 2,367,986 $ 276,485 $ 2,826,024
The accompanying notes are an intergral part of these financial statements.

Statement of Net Position

STATEMENT OF NET POSITION as of June 30, 2015 (amounts expressed in thousands)
University of Florida Component Units



2015



2014

Direct-Support Organizations
Health Science Center Affiliates
Shands Hospital and Others
ASSETS
Current Assets:
Cash and Cash Equivalents (Note 1) $ 2,286 $ 152 $ 17,439 $ 84,182 $ 127,050
Investments (Note 4) 1,247,153 1,161,021 65,638 12,121 394,331
Accounts Receivable, Net (Note 5) 80,001 96,630 112,890 50,306 276,025
Loans and Note Receivable, Net (Note 5) 2,983 2,787 - - -
Due From State (Note 6) 65,305 45,977 - - 3,378
Due From Component Units/University (Note 7) 20,580 25,138 178,949 45,583 105,849
Inventories (Note 8) 4,580 4,690 52 - 28,037
Other Current Assets 2,765 2,130 10,303 2,825 42,139
Total Current Assets 1,425,653 1,338,525 385,271 195,017 976,809
Noncurrent Assets:
Restricted Cash and Cash Equivalents (Note 1) 14 14 23,767 - 21,108
Restricted Investments (Note 4) 95,891 152,510 1,684,613 11,781 663,292
Other Noncurrent Investments (Note 4) 139,276 - - - -
Loans and Notes Receivable, Net (Note 5) 37,993 36,975 - - -
Depreciable Capital Assets, Net (Note 9) 1,554,905 1,568,905 173,026 62,481 799,771
Nondepreciable Capital Assets (Note 9) 241,259 145,860 101,256 3,803 144,669
Other Noncurrent Assets 70 63 53 3,403 127,586
Total Noncurrent Assets 2,069,408 1,904,327 1,982,715 81,468 1,756,426
TOTAL ASSETS 3,495,061 3,242,852 2,367,986 276,485 2,733,235
DEFERRED OUTFLOWS OF RESOURCES
Deferred Outflows of Pension Resources (Note 11) 108,808 - - - 44,136
Accumulated Decrease in Fair Value of Interest Rate Swap Agreements - - - - 48,157
Losses on Debt Refunding - - - - 496
TOTAL DEFERRED OUTFLOWS OF RESOURCES 108,808 - - - 92,789
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $ 3,603,869 $ 3,242,852 $ 2,367,986 $ 276,485 $ 2,826,024
LIABILITIES
Current Liabilities:
Accounts Payable $ 69,001 $ 64,133 $ 25,594 $ 14,940 $ 212,691
Salary and Wages Payable 25,588 24,304 2,458 8,824 73,130
Due to Component Units/University (Note 7) 199,777 46,547 75,416 9,070 101,148
Unearned Revenue (Note 12) 43,316 29,536 54,553 - -
Deposits Held in Custody 11,910 19,055 - 74 -
Other Current Liabilities - 201 4,648 - -
Long-Term Liabilities- Current Portion: (Note 13)
Captial Improvement Debt Payable 8,909 8,605 - - -
Bonds Payable - - 4,180 2,041 27,210
Loans and Notes Payable 528 281 15,130 - -
Installment Purchase Agreements Payable 1,138 1,263 - - -
Capital Leases Payable 146 137 - 154 3,378
Compensated Absenses Payable 11,861 11,658 392 - -
Net Pension Liability 4,709 - - - -
Liabilty for Self-Insured Claims - 9,196 30,108 - 8,393
Total Current Liabilities 376,883 214,916 212,479 35,103 425,950
Noncurrent Liabilities: (Note 13)
Capital Improvement Debt Payable 158,314 172,974 - - -
Bonds Payable - - 76,450 30,995 1,003,343
Loans and Notes Payable 10,664 11,192 5,363 8,000 -
Installment Purchase Agreements Payable 1,921 2,097 - - -
Capital Leases Payable 2,664 2,810 - 185 7,883
Compensated Absences Payable 117,419 114,293 3,121 - -
Other Postemployment Benefits Payable 217,539 180,690 - - 2,798
Net Pension Liability 219,918 - - - -
Liability for Self-Insured Claims - 36,606 - - 31,574
Other Noncurrent Liabilities 18,214 18,482 31,229 - 70,171
Total Noncurrent Liabilities 746,653 539,144 116,163 39,180 1,115,769
TOTAL LIABILITIES 1,123,536 754,060 328,642 74,283 1,541,719
DEFERRED INFLOWS OF RESOURCES
Deferred Inflows of Pension Resources (Note 11) 160,302 - - - 86,139
Gains on Debt Refunding - - - - 10,758
TOTAL DEFERRED INFLOWS OF RESOURCES 160,302 - - - 96,897
TOTAL LIABILITIES AND DEFERRED INFLOWS OF RESOURCES $ 1,283,838 $ 754,060 $ 328,642 $ 74,283 $ 1,638,616
NET POSITION
Net Investment in Capital Assets $ 1,615,971 $ 1,565,313 $ 137,738 $ 24,909 $ 113,322
Restricted:
Nonexpendable:
Endowment - - 1,228,625 - 97
Expendable:
Endowment - - 383,947 - 11,739
Loans 37,424 36,317 - - -
Capital Projects 113,024 79,294 - - -
Debt Service 4,855 4,433 - - -
Other 436,577 654,866 167,062 - 147,754
Unrestricted 112,180 148,569 121,972 177,293 914,496
TOTAL NET POSITION 2,320,031 2,488,792 2,039,344 202,202 1,187,408
TOTAL LIABILITIES AND DEFERRED INFLOWS OF
RESOURCES AND NET POSITION
$ 3,603,869 $ 3,242,852 $ 2,367,986 $ 276,485 $ 2,826,024
The accompanying notes are an intergral part of these financial statements.

Statement of Revenues, Expenses, and Changes in Net Position

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION for the Fiscal Year Ended June 30, 2015 (amounts expressed in thousands)
University of Florida Component Units



2014-15



2013-14

Direct-Support Organizations
Health Science Center Affiliates
Shands Hospital and Others
OPERATING REVENUES
Student Tuition and Fees $ 522,444 $ 508,448 $ - $ - $ -
Scholarhsip Allowances (146,206) (149,793) - - -
Student Tuition and Fees, Net of Scholarship Allowances 376,238 358,655 - - -
Federal Grants and Contracts 386,876 366,315 - - -
State and Local Grants and Contracts 44,642 44,638 - - -
Nongovernmental Grants and Contracts 744,655 704,749 - - -
Sales and Services of Auxiliary Enterprises (Note 14) 126,085 129,942 - - -
Sales and Services of Educational Departmetns 52,098 52,012 - - -
Sales and Services of Component Units - - 123,671 - 10,004
Hospital Revenues - - - 737,721 1,839,612
Gifts and Donations- Component Units - - 87,407 - -
Royalties and Licensing Fees- Component Units - - 25,640 - -
Interest on Loans and Notes Receivable 1,092 1,178 - - -
Other Operating Revenues 3,644 2,381 9,746 97,811 32,024
Total Operating Revenues 1,735,330 1,659,870 246,464 835,532 1,881,640
OPERATING EXPENSES
Employee Compensation and Benefits 1,811,810 1,724,914 1,553 85,047 807,638
Services and Supplies 496,362 472,507 495,843 209,873 762,264
Utilities and Communications 67,727 62,761 - - -
Scholarships, Fellowships and Waivers, Net 83,861 78,418 - - -
Depreciation 134,530 123,114 10,414 7,975 84,675
Self-Insured Claims and Expenses - (5,784) - - 1,554
Total Operating Expenses (Note 19) 2,594,290 2,455,930 507,810 302,895 1,656,131
Opertaing Income (Loss) (858,960) (796,060) (261,346) 532,637 225,509
NONOPERATING REVENUES (EXPENSES)
Noncapital State Appropriations 643,570 605,890 3,500 - 7,050
Federal and State Student Financial Aid 115,755 116,994 - - -
Noncapital Grants, Contracts, and Gifts 262,161 82,041 - - -
Investment Income 34,321 37,474 75,231 500 37,433
Net Increase (Decrease) in the Fair Value of Investments (1,144) 32,524 (1,697) (383) (5,244)
Investment Expenses (3,842) (3,598) (472) (833) (7,269)
Other Nonoperating Revenues 710 422 81,735 34,043 19,854
Gain (Loss) on Disposal of Capital Assets (2,384) (2,699) 3,748 6,485 (659)
Interest on Capital Asset-Related Debt (8,584) (8,048) (1,829) - (25,235)
Other Nonoperating Expenses (5,782) (6,483) (63,921) (541,322) (167,086)
Net Nonoperating Revenues (Expenses) 1,034,781 854,517 96,295 (501,510) (141,156)
Income (Loss) Before Other Revenues, Expenses, Gains, or Losses 175,821 58,457 (165,051) 31,127 84,353
Capital State Appropriations 54,222 43,667 - - -
Capital Grants, Contracts, and Donations 31,945 17,707 - - -
Additions to Permanent Endowments - - 32,749 - -
Total Other Revenues, Expenses, Gains, or Losses 86,167 61,374 32,749 - -
Increase (Decrease) in Net Position 261,988 119,831 (132,302) 31,127 84,353
Net Position, Beginning of Year 2,488,792 2,368,961 2,171,646 171,075 1,105,712
Adjustment to Beginning Net Position (Note 3) (430,749) - - - (2,657)
Adjusted Net Position, Beginning of Year, as Restated 2,058,043 2,368,961 2,171,646 171,075 1,103,055
Net Position, End of Year $ 2,320,031 $ 2,488,792 $ 2,039,344 $ 202,202 $ 1,187,408
The accompanying notes are an intergral part of these financial statements.

Statement of Cash Flows

STATEMENT OF CASH FLOWS for the Fiscal Year Ended June 30, 2015 (amounts expressed in thousands)
University of Florida
2014-15 2013-14
CASH FLOWS FROM OPERATING ACTIVITIES
Tuition and Fees, Net $ 379,956 $ 361,659
Grants and Contracts 1,202,629 1,113,838
Sales and Services of Auxiliary Enterprises 128,275 130,706
Sales and Services of Educational Departments 53,736 51,328
Repayment of Loans and Notes Receivable from Students 6,218 5,667
Interest on Loans Receivable 1,112 1,158
Other Operating Receipts 3,686 2,247
Payments to Employees (1,788,368) (1,666,456)
Payments to Suppliers for Goods and Services (558,677) (543,917)
Payments to Students for Scholarships and Fellowships (83,861) (78,418)
Loans Issued to Students (7,432) (6,234)
Payments on Self-Insured Claims and Expenses - (4,562)
Net Cash Used by Operating Activities (662,726) (632,984)
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Noncapital State Appropriations 643,570 605,890
Federal and State Financial Aid 115,755 116,994
Noncapital Grants, Contracts, and Gifts 262,161 82,041
Direct Loan Program Receipts 257,939 249,032
Direct Loan Program Disbursements (257,939) (249,035)
Net Change in Funds Held for Others 160,120 (31,147)
Other Nonoperating Receipts 636 422
Other Nonoperating Disbursements (19,745) (4,242)
Net Cash Provided by Noncapital Financing Activities 1,162,497 769,955
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Proceeds from Capital Improvement Debt - 76,647
Capital State Appropriatons 34,894 12,485
Capital Grants, Contracts, and Donations 13,565 15,711
Proceeds from Sales of Capital Assets 419 532
Other Receipts for Capital Projects 74 -
Purchase or Construction of Capital Assets (200,486) (145,059)
Prinicpal Paid on Capital Debt and Leases (16,182) (10,595)
Interest Paid on Capital Debt and Leases (8,584) (8,048)
Net Cash Used by Capital and Related Financing Activities (176,300) (58,327)
CASH FLOWS FROM INVESTING ACTIVITIES
Sale of Investments 1,731,427 1,688,033
Purchase of Investments (2,083,839) (1,799,918)
Investment Income 31,075 33,101
Net Cash Used by Investing Activities (321,337) (78,784)
Net Increase (Decrease) in Cash and Cash Equivalents 2,134 (140)
Cash and Cash Equivalents, Beginning of Year 166 306
Cash and Cash Equivalents, End of Year $ 2,300 $ 166
RECONCILIATION OF OPERATING LOSS TO NET CASH USED BY OPERATING ACTIVITIES
Operating Loss $ (858,960) $ (796,060)
Adjustment to Reconcile Operating Loss to Net
Cash Used by Operating Activities:
Depreciation Expense 134,530 123,114
Change in Assets, Liabilites, Deferred Outflows of Resources,
and Deferred Inflows of Resources:
Receivables, Net 14,754 (5,607)
Due From Component Units 4,558 1,365
Inventories 110 (120)
Other Assets (784) (145)
Accounts Payable 6,086 (8,387)
Salaries and Wages Payable 1,415 5,041
Unearned Revenue 13,780 4,106
Deposits Held in Custody (243) 636
Other Postemployment Benefits Payable 36,849 40,915
Compensated Absences Payable 3,329 12,503
Net Pension Liability (107,744) -
Pension Deferred Outflows (70,708) -
Pension Deferred Inflows 160,302 -
Liability for Self-Insured Claims - (10,345)
NET CASH USED BY OPERATING ACTIVITIES $ (662,726) $ (632,984)
SUPPLEMENTAL DISCLOSURE OF NONCASH OPEARTING, INVESTING, AND CAPITAL AND RELATED FINANCING ACTIVITIES
The following items are recognized on the Statement of Net Position or the Statement of Revenues, Expenses and Changes in Net Position, but are not cash transactions for the statement of Cash Flows:
Unrealized loss on investments $ (1,144)
Acquisition of equipment under installment purchase agreements $ (1,200)
Loss on disposal of capital assets $ (2,384)
The accompanying notes are an intergral part of these financial statements.